App shifts control into hands of customers
The strategy has paid rich dividends and helped Magma HDI General Insurance to develop digital muscle:
When Magma HDI General Insutance Co started process of formulating its digital strategy about 5 years ago, one of the first steps it took was doing an impact assessment across the value chain. And V Ramesh, the company’s Head – IT, says what he did first was to identify key areas that would make the largest impact on the business and then actively manage the transformation in these areas. “Those bets have paid rich dividends and helped us develop digital muscle,” says he, elaborating: “Considering that a big chunk of our portfolio is motor insurance and is sourced through partners, we had made strategic investments in digitizing processes that would ease doing of business with us. For customers, policy and claims servicing are the areas that we have focused on.”
FRONT, BACK END PARTNERS
Magma HDI General Insurance has a robust agent portal, which is actively used by all its partners. It has a fairly easy front end, and a very robust back end of underwriting rule engines, which ensures sourcing of quality business. Its key operating word for digital strategy for partners is ‘enablement’. Says Ramesh: “In these lockdown months, more than 2700 partners across India have issued policies from their homes, making payments digitally through wallets, cards, links, UPI and bank transfers. The rule engine is so configurable that our underwriters can, sitting ad their homes, permit or deny issuing any type of policies 1000 miles away. We take pride in being one of the fastest in executing tech integration with partner systems thus reducing our go-tomarket time. Our digitally supported commission payment process has enabled our partners to choose commission pay outs based on their convenience: daily, weekly, fortnightly or monthly. 100% of our distribution partners are digitally enabled and use our platforms and apps on their digital devices such as phones and phablets.”
CLAIM, HEALTH APPS
For its customers, the company has made the claims process completely contactless. The app caters to claims services like uploading of claims documents and helping in claims tracking and management. Ramesh says the claims app - I-survey - shifts the control to the hands of the customers. The company is also administering claims on soft copies during the lockdown period and one can track claims on the app, intimate claims on the go, download e-card and download claim forms / policy wordings, etc, on the go.
The company has also made enhancements to its health app to provide customers with counselling on call to deal with the stress in the times of corona. It is also providing free consultations via video calls with leading specialists.
Explains Ramesh: “Our health app helps in delivering a superior experience and offers a host of benefits. We provide free consultations via video calls in some 15-20 specialties. Customers can now order medication online via a pharmacy and avail of up to 23% discounts on medicines ordered via the app and receive medication on home delivery basis within 24-48 hours. Keeping health of the customers in mind, we also provide nutritionist on call service free of cost and the nutritionists issue a customized diet plan post an extensive on call lifestyle and dietary mapping of callers.”
TECH PARTNERS, IT BUDGET
The company works with some of the best in the IT industry including TCS, Wipro, SAS and STT, Newgen, TCPL, etc. It has earmarked, a little less half of its IT budget for digital initiatives in FY 2021 and will grow in line with its business aspirations, says Ramesh.
The company has been keenly watching for scope for partnerships/investments/ supporting/tie-ups with fintechs and startups if there is a strategic fit. Says Ramesh: “We are associated with web aggregators for policy sourcing and digital payment startups and companies for payment collection. We also actively engage with startups for content development and delivery, digital services and technology support.”
ONLINE PRESENCE
Magma HDI General Insurance has just begun its social media journey and is present on Facebook, LinkedIn and YouTube. It has revamped its company website www. magmahdi.com. Claims Ramesh: “It has a refreshing design, solid technology and highly relevant content. Since its launch, we have invested in optimizing its usefulness and making it more user friendly.”
TARGETS, PLANS FOR IT
Ramesh adds that the company is now exploring the dynamics of recovery and making strategic decisions in the areas of remote working, service management, RPA based transaction processing and training & re-skilling, that he expects will take it to a renewed future state.